Fayette National Bank, Lexington, KY (Charter 1720)
Fayette National Bank, Lexington, KY (Chartered 1870 - Liquidated 1931)
Town History
Lexington is a city in Kentucky and the county seat of Fayette County. By population, it is the second-largest city in Kentucky and 57th-largest city in the United States. By land area, it is the country's 28th-largest city. Known as the "Horse Capital of the World", it is within the state's Bluegrass region. Notable locations in the city include the Kentucky Horse Park, The Red Mile and Keeneland race courses, Rupp Arena, Central Bank Center, Transylvania University, the University of Kentucky, and Bluegrass Community and Technical College. As of the 2020 census the population was 322,570.
Lexington was named in June 1775, in what was then considered Fincastle County, Virginia, 17 years before Kentucky became a state. A party of frontiersmen, led by William McConnell, camped on the Middle Fork of Elkhorn Creek (now known as Town Branch and rerouted under Vine Street) at the site of the present-day McConnell Springs. Upon hearing of the colonists' victory in the Battles of Lexington and Concord on April 19, 1775, they named the site Lexington. It was the first of many American places to be named after the Massachusetts town.
Lexington had seven National Banks chartered during the Bank Note Era, and all seven of those banks issued National Bank Notes.
Bank History
- Organized Sep 8, 1870
- Chartered Oct 10, 1870
- Liquidated Jun 2, 1931
- Absorbed by 906 (Lexington City NB/First and City NB, Lexington, KY)
On September 8, 1870, the bank was organized and soon began business in a building on the corner of Short and Upper Streets, but within a year, a new four-story structure on the present bank's site was built to house the new organization.
On Tuesday, January 12, 1915, the stockholders elected the following directors: J.E. Bassett, C.S. Brent, A.G. Bryan, W.J. Goodwin, Dr. S.H. Halley, Dr. J.T. McClymonds, J.T. Tunis, I.N. Williams, W.B. Talbert, W.C. Lawwill, W.F. Warren, S.L. Van Meter, Sr., J.F. VanDeren, and J.W. Congleton. The later two were elected to fill vacancies, the remainder having been re-elected.
In January 1931, the officers of the bank were J.E. Bassett, president; W.F. Warren, executive vice president; C.S. Brent, vice president; John S. Yellman, cashier; Harlie L. Smith, assistant vice president and manager of the bond department; and Clifton Coons, assistant cashier. Directors were E.R. Ackerman J.E. Bassett, Major Louie A. Beard, C.S. Brent, J.C. Bosworth, Desha Breckinridge, J.W. Congleton, Thomas A. Combs, Dr. S.H. Halley, James B. Hall, Waller B. Hunt, W.C. Lawwill, Thomas S. Scott, James C. Stone, J. Curry Tunis, J.F. VanDeren, and Dolph Wile. The home of the bank was erected in 1913. During the lifetime of the bank, only three men served as its president. Robert R. Stone was the first president and he was succeeded after two years by Squire Bassett, father of the present president. When his father retired in December, J.E. Bassett was elected to fill the vacancy. The bank experienced a similar satisfaction in the choice of its cashiers. James M. Hocker served as cashier with Mr. Stone and was succeeded after two years by Major Robert S. Bullock. After the death of Major Bullock in 1912, W.F. Warren, who became affiliated with the bank in 1871, was elected cashier and was the current executive vice president of the bank. Ten months after the organization of the bank the first dividend was paid. Since that time, dividends had been paid regularly without a single lapse. The capital stock of the bank was $300,000 with a surplus of $350,000. The number of depositors was approximately 5,500 with the value of their deposits amounting to $3,500,000.
On April 27, 1931, the First National Bank and Trust Company purchased the assets and agreed to assume the liabilities of the Fayette National Bank effective at the close of business. Included in the deal were all the assets of the latter institution except the bank building upon which the First National received a two-year option and where it planned to operate a branch bank. The negotiations were completed at a meeting of the boards of directors of both banks in the morning. The change would result in no interruption of service at the Fayette National, where patrons would be accommodated as formerly. The proposal to operate it as a branch of the First National had the approval of the comptroller of the currency. Its new name would be the Fayette branch of the First National Bank and Trust Company. In addition to meeting the liabilities of the purchased institution, the First National paid $60,000 as a cash bonus for the good will of the Fayette. Another provision of the sale contract was that the Fayette National Bank would continue to operate the building for the benefit of its shareholders and out of these revenues the Fayette shareholders would receive dividends not to exceed 10%. At the end of two years, it was provided that whatever assets of the Fayette bank not required to meet the liabilities, together with the cash bonus of $60,000 would be returned to the Fayette National Bank or its shareholders who could then determine the building’s disposition. It was estimated that in the adjustment, the amount available for distribution to the shareholders then equaled or exceeded $150 per share. J.E. Bassett, president of the Fayette National would retire from active duty, but it was planned to retain other members of the staff insofar as possible. Augmented by the acquisition, the First National was the largest bank in the state outside of Louisville.
The First National Bank and Trust Company was the outgrowth of a consolidation between the Phoenix National Bank and Trust Company and the First and City National Bank in March 1929. The present officers were W.H. Courtney, president; J.C. Nichols, executive vice president; J.E. McFarland, active vice president; B.M. Darnaby, active vice president; John G. Stoll, vice president; John Skain, vice president; J.M. Sellers, cashier; G.W. Hall, assistant cashier; C.Y. Freeman, assistant cashier; and E.C. Murphy, assistant cashier. The directors were W.H. Courtney, chairman; David Ades, B.D. Berry, J.C. Carrick, Robert M. Coleman, James H. Combs, Thomas P. Cooper, L.G. Cox, W.S. Dudley, R.C. Estill, W.R. Estill, Thomas R. Gardner, Joseph E. Harting, Hal Price Headley, P.M. Justice, W.F. Klalr, Frazer D. LeBus, J.T. Looney, John F. Lynch, H.K. McAdams, J.E. McFarland, William C. McDowell, E.L. Martin, J.C. Nichols, W.L. Petty, L.B. Shouse, John Skain, R.H. Smith, John G. Stoll, and R.C. Stoll.
Official Bank Title(s)
1: The Fayette National Bank of Lexington, KY
Bank Note Types Issued
A total of $7,111,100 in National Bank Notes was issued by this bank between 1870 and 1931. This consisted of a total of 858,964 notes (791,248 large size and 67,716 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x1-2 1 - 4000 Original Series 4x5 1 - 6000 Original Series 3x10-20 1 - 5900 Series 1875 4x5 1 - 6600 Series 1875 3x10-20 1 - 8631 1882 Brown Back 4x5 1 - 9750 1882 Brown Back 3x10-20 1 - 24300 1882 Date Back 4x5 1 - 6365 1882 Date Back 3x10-20 1 - 3119 1902 Date Back 4x5 1 - 16500 1902 Date Back 3x10-20 1 - 12800 1902 Plain Back 4x5 16501 - 75625 1902 Plain Back 3x10-20 12801 - 47522 1929 Type 1 6x5 1 - 6972 1929 Type 1 6x10 1 - 3269 1929 Type 1 6x20 1 - 1045
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1870 - 1931):
Presidents:
Cashiers:
- James Monroe Hocker, 1871-1872
- Maj Robert Stapleton Bullock, 1873-1911
- William Freeman Warren, 1912-1918
- Harry Wellington Moores, 1919-1921
- William Freeman Warren, 1922-1929
- John Scott Yellman, 1930-1930
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Kentucky Bank Note History
- General information on Lexington (Wikipedia)
- General information on Fayette County (Wikipedia)
- General information on Kentucky (Wikipedia)
Sources
- Lexington, KY, Wikipedia, https://en.wikipedia.org/wiki/Lexington,_Kentucky
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- Lexington Herald-Leader, Lexington, KY, Tue., Jan. 12, 1915.
- Lexington Herald-Leader, Lexington, KY, Thu., Jan. 1, 1931.
- Lexington Herald-Leader, Lexington, KY, Mon., Apr. 27, 1931.